Multicoin Capital unstaked 1.96 million HYPE tokens worth roughly $120 million and sold a portion of those tokens for $23.78 million, according to on-chain data.
The unstaking and sale
The venture capital firm unstaked the full 1.96 million HYPE tokens, then sold 395,570 of them. The sale brought in $23.78 million. That leaves Multicoin holding about 1.56 million HYPE tokens that are no longer staked.
What the numbers mean
At the time of the transaction, the unstaked tokens were valued at around $120 million, implying a price of roughly $61 per HYPE. The sale of 395,570 tokens at $23.78 million works out to about $60 per token — a slight discount from the broader unstaking valuation.
The move represents a significant shift in Multicoin's position in the token. The firm had previously staked those tokens, locking them up to earn rewards. By unstaking and selling a chunk, the firm has taken a more liquid stance.
No public statement yet
Multicoin Capital has not issued a public statement about the transaction. The firm did not respond to a request for comment. The reasons behind the unstaking and sale remain unclear.
The firm has not disclosed its plans for the remaining 1.56 million HYPE tokens that are now unstaked. Whether Multicoin will sell more, restake, or hold the tokens is an open question.
